Ineed quickly
john wants to have $2 000 in 3 years. the current rate of return for a high interest savings
account is 2.8%, compounded annually. the money, p dollars, that john must invest now is given by the formula p initial investment = 2 000 (1.028) -3, where the exponent of the power is the time, in years.
a. how much must john invest now to have $2 000 in 3 years?
b. assuming the interest rate remains consistent, how much money will john have in 5 years
if he doesn’t touch the investment after the initial 3 years? hint: the original formula will
have to change.

The compound interest formula is :

Now, we have to find p.

A = 2000

r = 2.8% or 0.028

n = 1

t = 3

Putting the values in formula we get;

=>

=>

=>

So, p = $1840.99 rounded to $1841.

Part A: John should invest $1841 now to have $2000 in 3 years.

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Part B:

Now p = 1841

r = 0.028

n = 1

t = 5

=>

=>

A = $2113.46

Hence, John will have $2113.46 in 5 years.

after simplifying it i got: -36.25 as my answer. hope that !

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